Hopefully it will not be too long to find out what the most beautiful hotel in the world as promised by Mr. S Wynn looks like.

Seem like Wynn has problem getting the financing from America since its Las Vegas operation is in the sink. Now looking to raise money from an IPO in Hong Kong instead; hopefully, will do better than the one by SJM today. Read below:

Casino magnate Steve Wynn's flagship Wynn Resorts is reportedly planning a secondary listing in Hong Kong, aiming to raise $3 billion to finance the construction of a mega-resort complex in Macau. The share offering, however, is under a cloud amid negative market sentiment.

Wynn Resorts has appointed UBS (nyse: UBS - news - people ), Deutsche Bank (nyse: DB - news - people ) and Morgan Stanley (nyse: MS - news - people ) to arrange the Hong Kong listing, which is likely to be the largest initial public offering in the city this year if it proceeds. The IPO could provide funding for Wynn Resorts to complete Encore, a 400-room all-suite hotel tower scheduled to begin operating in the first half of 2010 on the Macau peninsula, as well as to construct a mammoth resort in the Cotai Strip, on reclained land linking the adjoining islands of Coloane and Taipa in the former Portuguese enclave of Macau, Hong Kong's South China Morning Post reported Thursday.

Wynn Resorts opened its first casino complex in Macau in 2006 and expanded it by adding 85 gaming tables, 551 new slot machines and a dramatic "performance lake" with shooting fountains as a signature attraction in December 2007. Subsequent to the expansion, the Wynn Macau Resort has approximately 390 gaming tables, 1,190 slot machines, 600 deluxe hotel rooms and suites and about 45,000 square feet of retail space.

To keep pace with local casino tycoon Stanley Ho's Sociedade de Jogos de Macau and Las Vegas-based rivals such as the Venetian, MGM Mirage (nyse: MGM - news - people ) and Las Vegas Sands (nyse: LVS - news - people ) in the former Portuguese colony, which opened up its gaming industry--formerly a monopoly concession--to competition in 2002, Wynn announced the new resort plan in the fall of last year. The resort, with a 1,500- to 2,000-room all-suite "villa hotel" and casino, will be built on Wynn's 52-acre plot in Cotai Strip, just to the east of Melco PBL Entertainment (nasdaq: MPEL - news - people )'s $2.4 billion City of Dreams resort complex.

Yet, Wynn's ambitions may be curbed thanks to uncertainty and unfavorable credit and real estate market conditions. In the United States, shares of Wynn Resorts (nasdaq: WYNN - news - people ) have slid 56%, to their present level of $77.56, from the peak at $176.14 in November last year. In Hong Kong, Macau-related stocks have all skidded more than 50% in the past few months, as severe competition has shaved casino profits.

SJM, the casino operator owned by Stanley Ho, who is ranked 113th on the Forbes billionaire list, put off its scaled-back Hong Kong listing on Wednesday by a week as a result of a lawsuit filed by Ho's estranged sister, Winnie Ho. (See " Winnie Ho Loses In Court But Not Before Delaying Brother's IPO")

Melco International Development Ltd. fell to a 3.5-year low in Hong Kong trading after speculation China would implement visa rules curbing its citizens' travel to the SAR.
According to Bloomberg, Melco fell 9.5 percent to HK$5.31 at the 12:30 p.m. lunch break, set for its lowest since November 2004. Meanwhile, Crown fell 5.3 percent to a record low A$7.88 at 3:22 p.m. in Sydney. The drop was its biggest since March 3.
Hong Kong's Ming Pao newspaper yesterday reported Chinese travellers will no longer be allowed to visit Macau on trips to Hong Kong using the same visa. China in May limited travel by its residents to Macau to once a month as it seeks to curb growth in the high-roller gaming market. The Chinese government has subsequently cut the limit to once every two months.“In Macau there's an intensifying policy risk from China,” said Gabriel Chan, a Hong Kong-based analyst at Credit Suisse, in an interview. “If Beijing wants to slow down Macau they'll do something to control it.”

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Mainlanders issued travel permits to Hong Kong will not be able to include Macau in their itineraries beginning in September unless they have specific endorsements to do so, it was announced yesterday.

The measure was announced by the Macau Public Security Police Force two weeks after the mainland government reduced from a month to every two months the maximum frequency with which Guangdong residents could apply for a Macau travel permit.

There had been speculation the decision could result in hard-core gamblers circumventing the restriction by using the Hong Kong route to Macau.

A Macau police spokesman said each SAR has its own immigration policy and Macau is trying to bring its rules in line with Hong Kong.

Barry Mak Lui-ming, assistant professor of tourism and hotel management at Polytechnic University, fears the tightened measures may deter some mainland visitors from visiting both Hong Kong and Macau.

However, the Hong Kong Tourism Board said it does not think the new measure would have a severe effect on the territory. A spokeswoman said data show most mainland visitors come to Hong Kong first before heading to Macau. As such the Macau measure will not have an impact on the number of visitors coming to Hong Kong.

The Macau police spokesman said the force had seen a trend in which mainlanders entering Macau using their Chinese passports overstay and committed criminal acts.

To combat this trend, all mainlanders entering Macau with a Chinese passport from August 1 can only stay for seven days instead of the current 14 days.

If they do not go to a second destination after the seven-day period, they will only be allowed to stay in Macau for two days on their next visit and denied entry on their third visit.

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Some weeks ago, there were reports that Beijing would be clamping down on mainlander travel to Macau (targeting in particular the misuse of public funds for gambling by corrupt officials). So far however, there has been no let up in mainlander tourist arrivals in Macau. Mainlander arrivals were up by 36.6% YoY in June, maintaining the steep uptrend.

The strong tourism flows reinforce other indicators of sustained buoyant household demand in China. Specifically, retail sales soared by 23% YoY in June. (As a reflection of robust domestic demand, that is one more reason to remain concerned about China's inflation prospects notwithstanding the fall in CPI).

Following the positive signal from Macau, should we expect a similar large increase in mainlander arrivals to Hong Kong? (Hong Kong's June tourism data will be released at the end of this month). We would be wary of making premature assumptions. Gambling remains the main attraction for mainlanders and, not surprisingly, the sharp uptrend in Macau's tourist arrivals contrasts with Hong Kong's relatively flat trend. Mainlander arrivals in Hong Kong have increased by 11% this year compared to the 27% increase in Macau.

There was another point of interest in the Macau tourism data. While mainlander tourism to Macau has soared, Hong Kong tourists to Macau contracted by 5.9% YoY in the second quarter . This was one more indication of bearish household sentiment in Hong Kong, reinforcing the outlook for a soft June retail sales release at the end of this month and slowing consumer spending over the rest of the year (as argued in the first comment).

Shares of Hong Kong-listed Macau plays have taken a beating recently, and it is becoming clear that American plays in the SAR casino market have the long- term advantage.
The Venetian will benefit from recent trends, as will diversified Macau companies like Shun Tak (0242).

The valuation of the Macau gaming market has fallen by more than 50 percent since November, according to Goldman Sachs analyst Simon Cheung. Although a rash of new regulations could hurt some operators, Cheung said Macau will still see a 15 percent compound annual growth rate in gaming revenue between this year and 2012.

But where the value lies has changed. A glut in the supply of tables has driven up the value of customers.

This benefits junket operators who bring in the VIP customers and have been able to raise their commission rates. But it hurts casino operators, who are seeing their profit margins disappear because of the higher rates.

In this situation, the American operators have the advantage, since they cater more to the mass market.

As Beijing tries to slow the flood of mainlanders coming to Macau to gamble, The Venetian will benefit because of its more diversified offerings, which combine a casino with extensive shopping and entertainment options for a more all-around experience.

Even its name will help. There have been reports that travel agents in Guangdong are finding it easier to get new packages for trips to The Venetian approved, while some packages to other casinos have been rejected.

The reason? The full name of The Venetian is "The Venetian Macao- Resort-Hotel," making it much more palatable than gambling-only rivals.

While local casino operators are still hurting from new visa restrictions, diversified Macau companies still offer a strong growth story. Investors may want to look at Shun Tak (0242), according to Goldman Sachs, because it commands strong pricing power in property, which has a better outlook than the Macau casino industry.

Melco International (0200) is also worth a look as its non-Melco Crown businesses could present significant upside if well-executed, Cheung said.

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BEIJING, Aug 14 (Reuters) - The tiny former Portuguese colony of Macau wants to attract more international visitors to reduce its reliance on Greater China, and hopes to do that partly by moving upmarket, a senior official said on Thursday.

Tourism in Macau, which returned to Beijing's rule in 1999, is booming on the back of visits by increasingly wealthy Chinese tourists and a massive expansion of its gambling industry.

Revenues in Macau's $15 billion gaming industry overtook those of Las Vegas in late 2006. Macau now has 29 casinos, run by the likes of Las Vegas Sands Corp and MGM Mirage and more are on the way.

Last year almost 30 million people visited Macau, an on-year rise of more than one-fifth, but less than one-tenth came from outside of mainland China, Hong Kong or Taiwan, and most did not stay overnight.

"In the first half of this year, more than 10 percent of visitors were international. We hope we can gradually raise this, for over the long-term Macau ought to develop the international market," Helena Fernandes, deputy head of Macau's tourist office, told a news conference.

Tourism and gambling revenues make up more than half of Macau's GDP.

The push to look past China was partially sparked by new restrictions on mainlanders visiting Macau, introduced last month to try and slow the territory's galloping economy and over concerns too many Chinese officials were fritting money away in Macanese casinos.

"Obviously from a strategic point of view we feel this is a very good moment for us to not just pursue quantity but also to give a very good look at the quality of what we're providing," Fernandes said.

"Strategy-wise it's very important for us to go for diversity," she added. "Diversity in terms of product, and diversity in terms of the markets we are pursuing. So international markets will be very important in the future."

The number of visitors from Southeast Asia, especially Thailand, Singapore and Malaysia, has rocketed, and Macau is opening a tourist office in Indonesia to go after that market.

More flights to Macau by budget airlines such as Malaysia's Air Asia have helped drive this growth.

To cater to visitors who want more than just gambling, Macau is investing big on infrastructure and new buildings.

The Macau Science Centre, designed by renowned architect I.M. Pei, will feature a planetarium as well as conference facilities, and more than 70 new hotels will open in the next decade.

Macau's airport is slated for expansion, and a light rail system will eventually shuttle people around Macau.

But all of this has raised concerns the city is growing unsustainably fast, leading to traffic jams and social issues.

Not a problem, Fernandes said.

"With Macau's improvements -- in terms of the number of hotels we can offer, in terms of the transportation reorganisation -- in actual fact the carrying capacity also changes over time," she said.

"Right now, we are still within the upper limits. Obviously, with the improvement of facilities that upper limit will hopefully be pushed even further."

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More than 50 hotels intended for completion in Macau over next few years

Macau Daily Times
Tuesday, 30 September 2008

A total of 56 hotel projects which were still under construction or waiting for approval in the second quarter this year could provide at least 34,400 more guest rooms to Macau's tourism industry.
According to information from the Land, Public Works and Transport Bureau (DSSOPT), 21 hotel projects were under construction, a drop of two from the previous quarter.
Preliminary plans submitted by developers showed that 23,600 guest rooms were estimated, 27.7 percent less than compared with the first quarter figure.
The total construction area was about 1.86 million square metres, down by 48.4 percent from the previous quarter between January and March.
The 21 hotel projects could provide about 13,000 parking spaces, the DSSOPT said.
Six of the 21 projects would have guest rooms below 100, three hotels between 101 and 300 rooms, four hotels between 301 and 600, one hotel between 601 and 1,200, two hotels between 2,000 and 3,000, and one hotel with over 3,000 rooms and two with over 6,000 rooms.
However, two of the hotel projects had not yet to provide the number of rooms they were going to build, the DSSOPT added.
On the other hand, 35 projects were in the process of obtaining government approval in the second quarter of the year, a slight increase of one over the previous quarter.
Of this, apart from 12 projects which could not yet provide figures of their guest rooms, the remaining 23 hotels would build about 10,800 rooms in total.
The DSSOPT said 10 of the 23 projects would have 301 to 600 rooms each, while one project planned to build 5,000 rooms.
The 35 projects awaiting approval would also add 3,000 more parking spaces to the industry.

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Golden Week better than expected for some businesses
Monday, 06 October 2008
Despite the central government's imposition on tighter visa restrictions for mainland tourists, Macau's profits during the Golden Week holiday were favourable. Souvenir and jewellery shop owners said business has gone up by 20 or even 30 percent when compared to the figures from the same period last year.
On the last day of the Golden Week, possibly because of the heavy rain, there were not many tourists on the streets but according to some souvenir shop owners and pastries the business was better than expected.
Besides restrictions on the chinese visa, also the financial crisis on the stock markets were considered the two strong reasons to predict that profits would drop down 20 percent Nevertheless especially for the first three days, visitors actually climbed up 20 to 30 percent. About 80 percent of the total of visitors were from the mainland. Jewelry shops had thought the profits would decrease but in fact it turned out business had grown 20 to 30 percent greater than last year.
However dried seafood shop owners in the inner harbor area said business had dropped a lot. As they said business was even worse than last year, during the same period. They pointed out Pier 16 as well as typhoon Higos, were the main reasons for business dropping down.

Premier Wen Jiabao has outlined how Beijing will assist Hong Kong to weather the financial crisis. The measures include speeding up infrastructure projects and widening the individual travellers scheme. Speaking during his visit to Russia, Mr Wen said the action would support Hong Kong through the current economic turmoil in five ways. He said the Bank of China and mainland regulators would be asked to increase communication with their Hong Kong counterparts to develop contingency plans for dealing with the downturn. The premier said the mainland would also speed-up infrastructure projects, especially the Hong Kong-Macau-Zhuhai bridge. Other measures include safeguarding food supplies to the territory to help relieve the burden of inflation on Hong Kong people. Mr Wen also said the current individual traveller scheme would be widened. He said Hong Kong was economically sound, adding that as long as the SAR government implemented appropriate measures, Hong Kong should be able to overcome the economic turmoil. He said the government also needed to learn from the crisis to ensure the SAR's sustainable development. For the time being, he urged local people to have confidence.

Think these comments will also apply to Macau...

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Information from the Statistics and Census Service indicated that Macao registered 304,260 visitor arrivals in package tours in September 2008, down by 2.1% from a year earlier. Visitors from Southeast Asia (34,324) soared significantly by 80.0% year-on-year, while those from Mainland China (178,835) and Hong Kong (36,673) decreased by 6.4% and 1.7%. In the first nine months of 2008, visitor arrivals in package tours rose by 17.6% over the same period of 2007 to 3,496,930.

The number of Macao residents travelling outbound in package tours increased by 19.0% year-on-year to 15,819 in September 2008. Mainland China (71.9%), Japan (10.1%) and Taiwan, China (5.4%) were the three most popular tour itineraries. In the first nine months of 2008, Macao residents travelling in package tours rose by 7.3% over the same period of 2007 to 170,142.

Meanwhile, 30,903 residents travelled outbound under individual arrangements using services provided by travel agencies, down notably by 42.9% over September 2007. Hong Kong (44.6%), Mainland China (23.9%) and Taiwan, China (10.4%) were the major destinations. In the first nine months of 2008, outbound residents travelling under such arrangements dropped by 5.9% year-on-year to 286,204.

At the end of September 2008, the total number of guest rooms available in the hotel sector grew by 1,073 (+6.8%) from a year earlier to 16,792 rooms.

In September 2008, a total of 473,600 guests checked into hotels and similar establishments, down by 9.4% year-on-year; the majority of the guests came from Mainland China (41.7%) and Hong Kong (25.5%). The average hotel occupancy rate dropped by 4.7 percentage points to 66.8%, with 5-star hotels leading at 69.5%; in addition, the average length of stay of hotel guests extended by 0.1 night to 1.5 nights. Total number of hotel guests reached 4,815,712 in the first nine months of 2008, up by 14.2% over the same period of 2007.

In the first nine months of 2008, visitor-guests staying in hotels accounted for 43.0% of the total number of tourists, up slightly from 42.9% in the corresponding period of 2007.

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Think we already heard Sep figure was going to be bad.....
This was seen in gaming figures down y-o-y and off a lot compared more on month.
Likewise, did hear that Oct (national day) figure was going to be better for mainland tourist, but again, latter part probably would be offset by financial crisis.

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Visitor arrival up 8 pct last month
Saturday, 22 November 2008
The number of visitor arrivals reached 2.6 million last month, a year-on-year increase of 8 percent, with visitors from the mainland at 1.5 million, Southeast Asia at 143,234 and from Hong Kong at 701,429 rising by 12.2 percent, 23.9 percent and 1.2 percent, respectively.
The latest figure released yesterday by the Statistics and Census Services, same-day visitors took up 54.9 percent of the total arrivals, at 1,440,047.
The majority of the visitors came from the mainland, Hong Kong and Southeast Asia, which accounted for 58.5 percent, 26.7 percent and 5.5 percent of the total, respectively. Among mainland visitors, 470,049 travelled to Macau under the Individual Visit Scheme, down by 25.9 percent year-on year.
In the first ten months of this year, visitor arrivals reached 25.1 million, up by 14.5 percent year-on-year, with visitors from the mainland accounting for 14.6 million of the total and Southeast Asia both growing by 21.9 percent and 43.1 percent, respectively, with those from Hong Kong rising slightly by 0.1 percent.
Furthermore, same-day visitors made up 53.1 percent of the total arrivals, at 13.3 million.
Analysed by mode of transport, visitor arrivals by sea increased by 9.4 percent over the first ten months of last year to 7.9 million, with 1.1 million arriving at the Provisional Ferry Terminal in Taipa. Meanwhile, 6.5 million visitors arrived at the Outer Harbour, down by 5.3 percent year-on-year.
Visitor arrivals by land rose by 16.9 percent to 15.7 million, while visitors arriving through the Border Gate increased by 13.3 percent to 14.9 million, with the majority being visitors from the mainland at 80.4 percent and Hong Kong at 14.1 percent.
In addition, visitor arrivals by air totalled 1,423,338, up by 19.7 percent over the first ten months of last year.
Figures show visitors arriving at the Macao International Airport rose by 18 percent to 1,393,781, with the majority coming from Taiwan at 35.1 percent, Southeast Asia at 30.3 percent and the mainland at 22.1 percent.

It may be up yoy, but peak figures were hit in something like 1Q...
Growth has definitely stalled/going back. To maintain similar growth of 1Q, figures need to be up approx 25% (if you look at first 10 months, excluding last few growth easily over 20%).
Since 1 year ago, you had more ramping up from Venetian, opening of Wynn expansion, PointNeuf, Grand Lisboa, MGM etc...
So 9 pc is feable.

If you want to spend effort, can compare with september m-o-m change... but maybe irrelevant as October is 'golden week' (tho admit, some of this begins in end-Sep).
So very hard to say if figures are OK, bad, or very bad esp for this month.
Further, some additional restrictions began I think on 1 Oct and may take time to filter thru.

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